Truth be told, we humans are braggarts in one way or another. We tend to think that our strategy for something is better among everything else. And although there is a chance that it is better than others, this is not to say that it is true in all cases.
Whenever you want to trade on a betting exchange like Betfair, you need to understand that you should come up with your very own trading plan. Without it, it is like going to war without planning things out beforehand. It can potentially kill you, or in this case, you could lose your high return investments more easily than someone who has a set plan.
With that being said, if you’ve already come up with a strategy, how can you tell if you have great trading ideas? Well, below are just some tips.
1. Use a Trading Program
If you think that trading on a betting exchange is similar to the conventional trading methods in the stock market, then that is just far from the truth. You do not need to be physically present in the venue as every betting exchange has gone digital. You now only need to use a suitable trading program to access the platform and that is it.
Anyway, a trading program like BetTrader allows you to go into simulation mode so that you can trade using historical data. The good thing about this is that even though it is based on past information, it feels as if you’re trading with the real thing
It does this by allowing you to create a digital account complete with the money that you need to start trading. What you do is just select a market that you want to trade on, put the necessary values and settings, and then watch the magic happen.
Make sure that you leave the tabs open so that you will see exactly how things are unfolding. Doing so will allow you to refine your strategies if they come out as a loss.
2. Getting Honest Feedback
The thing that I notice about some traders is that they do not want to be told that they’re wrong. I guess it is part of their ego, but this thing can negatively impact their chances of amassing great fortune using the platform.
Getting feedback from others is one way for you to know exactly where you are wrong. It is sometimes beneficial to get an opinion from someone who is using a different lens or viewpoint. When getting feedback, keep an open mind.
Don’t go all defensive all of a sudden and attack the person who is giving you something that you cannot or fail to see. If you’ve employed the wrong strategies, then swallow your pride and admit to yourself
that you’ve done a blunder. The best thing you can do at this point is to move on.
3. Look at It with a Watchful Eye
As I’ve said earlier, you look at the tabs closely so that any changes that may occur can be dealt with accordingly. Some traders who continuously fail tend to be distracted by other things in that they do not make countermeasures to mitigate their losses. Do not be like them.